Expanding offshore oil & gas industry from past few years on account of depleting inland reserves has necessitated implementation of enhanced fire protection systems at the exploration site. These systems have gained importance in energy sector owing to presence of stringent government regulations to reduce environmental effects of offshore drilling. Additionally, decrease in safety risks on implementation of enhanced fire protection systems is expected to augment the market growth over the forecast period.

Increasing investments by offshore oil & gas exploration companies to meet standards and regulatory framework implemented by regulatory bodies is anticipated to fuel enhanced fire protection systems demand. Moreover, growing fire protection installations at storage vessels and production facilities are expected to positively impact the market growth over the forecast period. Rising demand for hydrocarbons have resulted in increasing LNG trade and investments in the offshore LNG facilities. Technological advancements including development of floating LNG facilities and FPSO’s are further expected to supplement existing enhanced fire protection systems market. Safety agencies of several nations have pioneered strict parameters for fire protection system installation at offshore facilities. Additionally, installation of fire protection systems by major exploration companies in order to establish prominent safety and health environment for their employees is poised to positively impact the market growth. R&D by major industry participants including BP, Chevron, ExxonMobil and Total with a view to develop cost effective and conventional methods for offshore natural gas extraction is anticipated to create market demand for fire protection systems over the forecast period.

The global enhanced fire protection systems market for hydrocarbon industry has been segmented into active systems and passive systems. Growing investments in the active systems including specialty extinguishing systems, fixed firewater systems and portable firefighting equipment are expected to augment enhanced fire protection systems demand within inland oil and gas industry. Whereas, demand for passive fire protection systems including structural fire protection, firewalls, doors and penetrations, protection of process plant, protection of safety systems and protection of accommodation and muster points are moderately high in FPSO’s. Increasing use of numerous FLNG and FPSO vessels over the next seven years is estimated to require significant investments in the fire protection systems. Rapid growth in offshore rigs, especially ultra-deepwater rigs including semisubmersibles and jackups are also expected to drive the investment on fire protection systems. Brazil and West Africa are anticipated to be the major market for enhanced fire protection systems owing to increasing offshore hydrocarbon exploration. Furthermore, growing investments by the government of abovementioned countries coupled with existing ultra-deepwater projects are expected to positively impact enhanced fire protection systems demand over the next seven years. Growing expenditure on fire protection systems in Europe including UK and Norway owing to stringent regulations is further expected to attract investments by major players resulting in market growth

Asia Pacific market is anticipated to significantly gain market share on account of increasing investment in offshore exploration. Growth in Australian market owing to installations of FLNG’s is anticipated to enhance the market growth. Additionally, Asia Pacific is expected to witness substantial investments in enhanced fire protection systems by governments on account of planned offshore expansion projects in Australia, China, and Malaysia.